§5-10-22. Retirement annuity.
(a) Upon a member's retirement, as provided in this article,
he or she shall receive a straight life annuity equal to one and
five-tenths percent of his or her final average salary multiplied
by the number of years, and fraction of a year, of his or her
credited service in force at the time of his or her retirement,
subject to reduction if necessary to comply with the maximum
benefit provisions of Section 415 of the Internal Revenue Code and
section twenty-seven-a of this article: Provided, That the final
average salary used in this calculation does not include any lump
sum payment for unused, accrued leave of any kind or character.
The credited service used for this calculation may not include any
period of limited credited service: Provided, however, That after
March 1, 1970, all members retired and all members retiring shall
receive a straight life annuity equal to two percent of his or her
final average salary multiplied by the number of years, and
fraction of a year, of his or her credited service, exclusive of
limited credited service in force at the time of his or her
retirement, subject to reduction if necessary to comply with the
maximum benefit provisions of Section 415 of the Internal Revenue
Code and section twenty-seven-a of this article. In either event,
upon his or her retirement he or she has the right to elect an
option provided in section twenty-four of this article. All
annuity payments shall commence effective the first day of the
month following the month in which a member retires or a member dies leaving a beneficiary entitled to benefits and shall continue
to the end of the month in which the retirant or beneficiary dies,
and the annuity payments may not be prorated for any portion of a
month in which a member retires or retirant or beneficiary dies.
Any member receiving an annuity based in part upon limited credited
service is not eligible for the supplements provided in sections
twenty-two-a through twenty-two-d, inclusive, of this article.
(b) The annuity of any member of the Legislature who
participates in the retirement system as a member of the
Legislature and who retires under this article or of any former
member of the Legislature who has retired under this article
(including any former member of the Legislature who has retired
under this article and whose annuity was readjusted as of March 1,
1970, under the former provisions of this section) shall be
increased from time to time during the period of his or her
retirement when and if the legislative compensation paid under
section two, article two-a, chapter four of this code, to a member
of the Legislature shall be increased to the point where a higher
annuity would be payable to the retirant if he or she were retiring
as of the effective date of the latest increase in legislative
compensation, but on the basis of his or her years of credited
service to the date of his or her actual retirement.